Tesla Inc. and Twitter owner, Elon Musk was dethroned and lost the title of the world’s richest man on Wednesday.
The new richest man in the world though for less than an hour on Wednesday was Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH.
Arnault and his family briefly became the richest people in the world as their fortune leapt to $185.4 billion.
But, at the time of writing, it has since fallen down to $184.7 billion, handing back the crown to Musk.
Musk has held the title of the world’s richest man for over a year since he took over from Amazon founder Jeff Bezos in 2021.
According to Forbes on Wednesday, Musk brief dethronement as the world’s richest man came as a result of his expensive bets to buy the social media firm (Twitter) and selling stocks of his electric-car company to fund the $44 billion deal.
Musk’s net worth now stands at $185.2 billion, though his worth on Wednesday was nearly dealt a death blow after the value of his stake in Tesla tumbled.
Musk’s net worth dipped below $200 billion earlier on November 8 as investors dumped Tesla’s shares on worries that the top executive and largest shareholder of the world’s most valuable electric-vehicle maker was more preoccupied with Twitter.
Article updated 1 week ago. Content is written and modified by multiple authors.
